Copper down 0.2% on weak global cues

Metal for delivery in June declined by 0.27%

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Copper prices fell by 0.29% to Rs 401.55 per kg in futures trade today after speculators trimmed positions on a weak global trend.

At the Multi Commodity Exchange, copper for delivery in April fell Rs 1.15, or 0.29%, to Rs 401.55 per kg in a business turnover of 1,453 lots.

In a similar fashion, the metal for delivery in June declined by Rs 1.10, or 0.27%, to Rs 405 per kg in 46 lots.

Market analysts said the fall in copper prices at futures trade was due to offloading of positions by speculators, taking weak cues from global market as investors assessed signs of slowing demand in China, the biggest user of the metal.

Meanwhile, copper for delivery in three months was little changed at $6,480 a tonne on the London Metal Exchange, the lowest level since July 2010, while June delivery contracts on the Shanghai Futures Exchange lost 5.4% to 43,690 yuan (USD 7,113) per tonne.